IEA

Santa baby, slip a little bitcoin under the tree for me.

A black cat crossed the oil bears path this morning as the market is now soundly rejecting the International Energy Agencies downbeat assessment of oil prices in 2018.
While OPEC and The Energy Information Administration raising its outlook for demand and lowers its projection for global Non-OPEC production, The International Energy Agency (IEA) releases a report that shows that tries to talk down demand next year admit they underestimated demand this year.
While Florida and the rest of the Gulf Coast deal with the aftermath of Hurricane Harvey and Irma and the energy markets assess the short-term demand destruction, in the bigger picture for energy, we are getting very bullish data in supply versus demand.
Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared.
Oil prices edged higher on Thursday after the International Energy Agency (IEA) said the market was nearing balance, while U.S. data showing higher production kept gains in check.

Well now things are really getting interesting.

Crude oil prices have been extremely volatile of late, without making any significant progress in either direction.

Crude oil prices edged higher today as a weaker denominating currency, the U.S. dollar, kept levels near the previous day's highs.